British copper and bronze Penny coins are collectable. The penny had a value of two hundred and forty to the pound. The large copper penny or ‘Cartwheel penny’ coin was first issued under the reign of King George III in 1797. The penny continued to be struck in copper up until 1860. In 1860 a new smaller, lighter and more practical penny was struck in bronze, this coin features a seated figure of Britannia on the reverse and the current monarch on the obverse. A final proof coin was struck in 1970 and the new penny arrived along with decimalization in 1971. Silver penny coins continue to be used for Maundy money.